How to Ensure a Trouble-Free Home Loan Approval

With real estate offering resilience against all market odds and guaranteeing the best returns amongst all the forms of investments, buying your dream home has more than one reason to cheer. Especially in the emerging hotspots along the IT corridor of OMR offer the best ROI, apartments in Padur and its neighbourhood equipped with the best amenities provide a very comfortable living and being the IT Hub has steady demand amongst the IT professionals employed along this stretch. Now that you know where to look for your dream home in the city, the next thought would be, “How to arrange the funds for purchasing the dream house?”. 

Availing home loan to purchase your dream house is a wise decision for it not does not drain your savings and with an optimal down payment you can book your abode and by carefully planning your monthly expenses you can accommodate the EMI against the loan. This also brings about  financial discipline, and enforces mindful spending, a totally advantageous situation. The next thought would be, “How to ensure the hassle-free sanctioning of the home loan”, here are few steps that will help you – 

Improve your credit score 

Your credit score plays a very important role in ensuring easy home loan approval. It is a primary factor that lenders use to evaluate your creditworthiness and also your attitude towards loan repayment. Usually the credit score by CIBIL (Credit Information Bureau India Limited), commonly called the CIBIL score, is used for this purpose. It is a 3 digit number that ranges from 300 to 900, with  a greater score indicating better credit worthiness. It is advisable to maintain a score above 700 for easy loan approval. The obvious question would be “How to Ensure a favorable credit score?”. The answer is quite simple – 

• Pay your credit card bills and utility bills on time. History of on-time credit payment is the basic requirement for a good credit score.
• Keep the number of credit cards to a manageable limit. This will ensure that there are lesser payment defaults
• Refrain from exceeding your credit limit. Spending within your credit limit and timely payment, ensures a good credit score.
• Minimize the number of unsecured loans like personal loans and car loans, they do not help in increasing your credit score. 

Avail a joint home loan

There are many benefits of availing a joint home loan, with the co applicant preferably being one of the immediate family  members 

• Home loan approval becomes easy and hassle free as the lender has two co-applicants bound by the loan.
• When both of them are earning members, the loan repayment capacity increases and makes it an advantage in loan approval.
• It increases the loan eligibility, enabling you to buy a bigger, spacious and more amenity full home.
• Both the co-applicants can avail tax benefits on the loan and woman co-applicants enjoy lower home loan rates.

It is not necessary for the co applicant to be a joint owner of the property and having an immediate family member as the co-applicant is a favorable situation both for the lender and the applicants. 

Other contributing factors

It is very important to completely understand the terms and conditions of the different options available and pick the best home loan that would work for you. The factors to be evaluated consist of the loan tenure (number of months), the interest rate, prepayment terms, processing time, etc. Making a payment of at least 20% is mandatory in most of the cases,  and doing so will also bring down the monthly EMI. Once the selection of the favorable financial institution is made and the loan terms are checked and signed, have the necessary documents for loan approval ready. This would include the last few salary statements of the applicants, bank statements, proof of address like aadhar card, PAN card, passport size pictures of the applicants, etc. Have a checklist of the mandatory documents and make them available while you submit the application. 

Many new age premium gated community projects in hot residential hubs in the city like Padur, Siruseri, Kelambakkam and other busy pockets of OMR have pre approved loans sanctioned by leading financial institutions that partner with the real estate developer. There are multiple options available and the home buyer has the flexibility to select the financial institution and the choose the home loan that best suits his/her requirements. 

These pre approved loans are available at a very competitive rate and eliminate the many hassles in the process greatly saving on time and effort for the buyer. Check out these premium apartments in Padur, with an amazing neighbourhood, a sprawling community, fascinating lifestyle amenities, they also provide the aspiring buyer with easy pre-approved Home loan options.